TCRAP_Public/121018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 18, 2012, Vol. 15, No. 208

                            Headlines


A U S T R A L I A

AUSTRALIAN MUSIC: 99 More Jobs Axed as Sale Deal Fails
NINE ENTERTAINMENT: Debt Talks to Continue
SPYRAL PTY: Administrators Appointed as Supplier Ends Deal


C H I N A

YUZHOU PROPERTIES: S&P Rates Proposed Senior Unsecured Notes 'B'


H O N G  K O N G

MEDIA VALOR: Commences Wind-Up Proceedings
MUSIC IN: Wong Maria Susana Steps Down as Liquidator
MOULIN HOLDINGS: Creditors' Proofs of Debt Due Oct. 25
NEXTAR (HONG KONG): Commences Wind-Up Proceedings
ONE AXCESS: Creditors' Proofs of Debt Due Nov. 2

PERFECT ENTERPRISES: Commences Wind-Up Proceedings
PERPETUAL SUNSHINE: Creditors' Proofs of Debt Due Nov. 13
REEBOK (CHINA): Creditors' Proofs of Debt Due Nov. 2
RUNTOP INT'L: Ho and Kong Appointed as Liquidators


I N D I A

FORUM PROJECT: ICRA Reaffirms 'BB+' Rating on INR180cr Term Loan
FORUM RETAIL: ICRA Reaffirms 'BB-' Rating on INR92cr Term Loan
JAI BHARAT: ICRA Reaffirms 'BB' Rating on INR22.5cr Loans
JAYDEEP COTTON: ICRA Reaffirms 'BB+' Rating on INR140cr Loans
LEXUS MOTORS: ICRA Reaffirms '[ICRA]BB-' Rating on INR30cr Loan

PCM CEMENT: ICRA Assigns '[ICRA]BB+' Rating to INR14.44cr Loans
SHRI SAKTHI: ICRA Assigns 'BB' Rating to INR19.92cr Loans
SRI ADITYA: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B'
TUSHA TEXTILES: ICRA Reaffirms 'BB' Rating on INR12cr Loans
VANITA AGROCHEM: ICRA Assigns 'BB' Rating to INR13.61cr Loans


I N D O N E S I A

PERUSAHAAN LISTRIK: S&P Rates Proposed Senior Unsecured Notes BB


J A P A N

COVALENT MATERIALS: JCR Withdraws "LD" and "D" Rating on Bonds


N E W  Z E A L A N D

AORANGI SECURITIES: Jean Hubbard Case Adjourned to May Next Year
CRAFAR FARM: Court Rejects Maori Trusts Sale Appeal Bid
HANOVER FINANCE: AIG Blames Apex Over Broker Policy Case
HIREQUIP: Hirepool Seeks OK to Buy Firm Out of Receivership
PEGASUS TOWN: Receiver Mulls Options to Recoup NZ$142.8 Million


S I N G A P O R E

FIRST SHIP: Fitch Says Restructuring Deal Won't Affect Rating


T A I W A N

WATERLAND FINANCIAL: Fitch Affirms 'B+' Support Rating Floor


                            - - - - -


=================
A U S T R A L I A
=================


AUSTRALIAN MUSIC: 99 More Jobs Axed as Sale Deal Fails
------------------------------------------------------
Sophie Foster at The Courier-Mail reports that around 99 people
will lose their jobs in Queensland alongside hundreds of others
nationwide in what receivers called a "sad day for live music"
amid a decision to shut down Australian Music Group Holdings.

The firm, which trades as Allans Billy Hyde, Musiclink
Distribution and Intermusic Australia, employed around 613 people
when receivers Ferrier Hodgson were appointed on August 23,
including 99 people across five stores in Queensland, The
Courier-Mail notes.

Ferrier Hodgson said at that time, the company owed Revere
Capital around AUD27 million, with unsecured creditors owed
AUD13.5 million and employee entitlements of about AUD3 million,
the report relays.

According to the report, the Group's turnover for FY12 was around
AUD109 million, but Ferrier Hodgson said efforts to sell the
business had failed.

The Courier-Mail notes all hope of saving the iconic music firm
began to fade on Friday when receivers announced negotiations
with one potential new owner had fallen through, which saw 16
people lose their jobs immediately in AMG's head office.

Talks with a second party, interested "in buying a small parcel
of individual stores" which could have saved some jobs, also fell
through on Wednesday, the report relates.

According to The Courier-Mail, Allans Billy Hyde is already
advertising a "closing down" receivers sale in all stores -
except less than a handful of franchises - with 40 to 60%  off
all stock including guitars, drums, electronic keyboards,
amplifiers, band and orchestral instruments.

The Courier-Mail states that the latest development follows a
September 12 decision when 56 people, mostly from AMG's head
office, were made redundant, and an October 1 decision when nine
staff were sent home after closure of the Maroochydore and
Willoughby stores.

                      About Allans + Billy Hyde

Australian Music Group Holdings Pty Ltd, trading as Allans +
Billy Hyde -- http://www.allansbillyhyde.com.au/-- operates 25
stores across Australia plus four franchise stores.  There are
500 employees. The outlets specialize in the sale of musical
instruments, live music accessories and sheet music.  Allans
Music began in the 1850s when Mr. Joseph Wilkie and Mr. George
Allan opened a music warehouse in Melbourne's Collins Street.
Mr. Billy Hyde was a drum manufacturer who perfected of drum kits
in the 1950s and 1960s, opening his first store in Flemington in
1962.  Allans + Billy Hyde merged in July 2010.

AMG was placed into receivership on August 23, 2012, following
the appointment of voluntary administrators.

Ferrier Hodgson partners James Stewart and Brendan Richards were
appointed receivers and managers over AMG and a number of
associated entities.  The appointment was made by the secured
creditor (Revere Capital Pty Ltd) and extends to AMG's wholesale
distribution importing business, trading as MusicLink and
Intermusic, which commenced in 1973 and supplies over 300
independent music retailers. It does not however include Stage
Systems, a backline hire company servicing the festivals and live
concerts market.


NINE ENTERTAINMENT: Debt Talks to Continue
------------------------------------------
Gillian Tan at Daily Record reports that talks between creditors
of Australian television network Nine Entertainment and Goldman
Sachs Mezzanine Partners (GSMP) to prevent the company going into
administration will continue, said a spokesman representing the
U.S. investment bank.

"Our position remains unchanged and talks will continue
tomorrow," a GSMP spokesman told The Wall Street Journal after a
day of meetings had failed to deliver a definitive outcome,
according to Daily Record.

Daily Record notes that GSMP is in talks with U.S. hedge funds
Apollo Global Management and Oaktree Capital on a deal to convert
a total of AUD3.3 billion (US$3.4 billion) of debt into equity.
The hedge funds control about A$1 billion of Nine's senior debt.

The report relates that despite the insistence from GSMP that
talks are ongoing, a person close to Apollo and Oaktree said that
a deal had been agreed.

                     About Nine Entertainment

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


SPYRAL PTY: Administrators Appointed as Supplier Ends Deal
----------------------------------------------------------
SmartCompany reports that administrators have been appointed to
commercial food equipment provider Spyral Pty Ltd after its major
supplier terminated its agreement.

Terry Rose of SV Partners was appointed as administrator on
October 9.  He told SmartCompany he had been forced to cease
trading at Spyral.

"What has transpired is that the company's major overseas
supplier has recently terminated its agency and distribution
agreement and, as a result, it has forced my hand as the
administrator. I cannot continue to trade so I am trying to
realise Spyral's assets," the report quotes Mr. Rose as saying.

According to the report, Mr. Rose said Spyral's collapse was
"precipitated" by the overseas supplier, Middleby Worldwide,
terminating one part of the company's agency agreement prior to
the appointment of administrators and not providing Spyral with
any further credit going forward.

"Since then the overseas supplier has formally terminated the
company's whole distribution and agency agreement, which
accounted for the majority of its business," Mr. Rose told
SmartCompany.

Mr. Rose said the ANZ bank is a secured creditor, along with
various unsecured creditors who are owed over AUD1 million, the
report relays.

Spyral's former employees, most of whom Mr. Rose said "jumped
ship" before SV Partners were appointed, are also owed
entitlements, SmartCompany reports.

Mr. Rose has called for expressions of interest and he said
Middleby Worldwide is one of the interested parties, adds
SmartCompany.

Queensland-based Spyral Pty Ltd -- http://www.spyral.com.au/--
provided hospitality products and equipment including pizza ovens
and fryers to four and five star hotels and resorts, restaurants,
casinos and convention centres.  The business had a turnover of
AUD9.6 million a year and employed around eight staff, according
to SmartCompany.



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C H I N A
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YUZHOU PROPERTIES: S&P Rates Proposed Senior Unsecured Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to a proposed senior unsecured notes by Yuzhou Properties Co.
Ltd. (B+/Stable/--; cnBB/--). "At the same time, we assigned our
'cnBB-' Greater China regional scale rating to the proposed
notes. The rating will be subject to our review of the final
issuance documentation," S&P said.

"The issue rating on Yuzhou's proposed notes is one notch lower
than the corporate credit rating to reflect our opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default. In our view, the
company's ratio of priority borrowings to total assets will
remain above our notching threshold of 15% for speculative-grade
debt," S&P said.

"Yuzhou will use the proceeds from the proposed notes to
refinance existing loans and fund its land acquisitions. We
expect the proposed issuance to moderately increase the company's
total debt because it plans to repay a part of its debt from the
notes proceeds. In our base case, we estimate Yuzhou's debt-to-
EBITDA ratio at 3x-4x in 2012 and 2013, which is consistent with
our rating," S&P said.

"The corporate credit rating on Yuzhou reflects the company's
limited operating flexibility due to its small operating scale
and high geographic and project concentration. Yuzhou's limited
track record and expansion into new markets could also heighten
the company's business and execution risks. Yuzhou's leading
market position in Xiamen, its low-cost land bank, and above-
average
profitability compared with that of similarly rated peers temper
the above weaknesses," S&P said.



================
H O N G  K O N G
================


MEDIA VALOR: Commences Wind-Up Proceedings
------------------------------------------
Members of Media Valor Limited, on Oct. 10, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Wong Sun Keung
         Tsui Mei Yuk Janice
         21/F, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


MUSIC IN: Wong Maria Susana Steps Down as Liquidator
----------------------------------------------------
Wong Maria Susana stepped down as liquidator of Music In You
Foundation Limited on Oct. 3, 2012.


MOULIN HOLDINGS: Creditors' Proofs of Debt Due Oct. 25
------------------------------------------------------
Creditors of Moulin Holdings (H.K.) Company Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Oct. 25, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Roderick John Sutton
         John Howard Batchelor
         c/o FTI Consulting (Hong Kong) Limited
         Level 22, The Center
         99 Queen's Road
         Central, Hong Kong


NEXTAR (HONG KONG): Commences Wind-Up Proceedings
-------------------------------------------------
Members of Nextar (Hong Kong) Limited, on Sept. 24, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Osman Mohammed Arab
         Wong Kwok Keung
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


ONE AXCESS: Creditors' Proofs of Debt Due Nov. 2
------------------------------------------------
Creditors of One Axcess Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 2,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 20, 2012.

The company's liquidators are:

         Robert Mark Formon
         4A, Grandview Gardens Tower 1
         18 Bridges Street
         Midlevels, Hong Kong

         Daniel De Weyer
         Suite 3702, Sutton Court
         Gateway Apartments Harbour City
         Kowloon, Hong Kong


PERFECT ENTERPRISES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Perfect Enterprises Limited, on Oct. 1, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lu Yuen Chung John
         C21, Caroline Gardens
         28 Coombe Road
         Hong Kong


PERPETUAL SUNSHINE: Creditors' Proofs of Debt Due Nov. 13
---------------------------------------------------------
Creditors of Perpetual Sunshine Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


REEBOK (CHINA): Creditors' Proofs of Debt Due Nov. 2
----------------------------------------------------
Creditors of Reebok (China) Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 2, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 5, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


RUNTOP INT'L: Ho and Kong Appointed as Liquidators
--------------------------------------------------
Ho Man Kit and Kong Sau Wai on Oct. 3, 2012, were appointed as
liquidators of Runtop Int'l (H.K.) Limited.

The liquidators may be reached at:

         Ho Man Kit
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong



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I N D I A
=========


FORUM PROJECT: ICRA Reaffirms 'BB+' Rating on INR180cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR180.00 crore term loan facilities of Forum Project Holdings
Private Limited. The outlook on the long-term rating is stable.
ICRA has also reaffirmed the '[ICRA]A4+' rating assigned to the
INR2.14 crore short term non-fund based bank limits of FPHPL.

The ratings take into account the established track record of the
Forum group, of which FPHPL is a part, in the real estate
development sector in East India, especially Kolkata, as well as
the reputed tenant profile in FPHPL's operational project,
Technopolis-I, which reduces counterparty risks. The company's
debt protection metrics have recorded improvement in 2011-12, and
its debt servicing ability is supported by the structure of its
term loans, which are backed by lease rentals from the reputed
tenants, with timely collection of lease rentals till date.
However, the ratings also factor in the decline in the building's
occupancy to around 70% at present, as against 100% earlier, and
the company's limited revenue stream that is solely dependent
upon a single property, with the trend expected to continue over
the medium term. FPHPL is also exposed to client concentration
risks as the share of lease rentals from the top five lessees
accounted for almost 78% of total rental income in 2011-12. The
income generated is largely used in debt servicing, which results
in the company's dependence upon external financing to sustain
operations to some extent. Moreover, given the lack of
alternative income sources, as well as the absence of any
liquidity back-up, delays in receipt of rental income can
adversely impact the company's debt servicing ability, although
regular fund infusions by the Forum Group provide comfort. Going
forward, increasing competition from the considerable capacity
additions in the vicinity is also likely to impact occupancy
levels and rental rates in Technopolis-I.

FPHPL is part of Forum group of companies, a Kolkata based real
estate developer promoted by Mr. S.M. Shroff and Mr. Rahul Saraf.
"Technopolis-I" is a commercial building of 7.75 lakh sq. ft.
situated at Sector V, Salt Lake City, Kolkata. The building is
India's First Leadership in Energy & Environmental Design (LEED)
certified Green Infrastructure for IT/ITeS companies and has
received Gold Certification from United States Green Building
Council (USGBC). It is also the first such project in the world
to be registered under the United Nations Framework Convention on
Climate Change (UNFCCC) as a Clean Development Mechanism (CDM)
project. The building became operational from October 2006 and is
occupied by clients like ICICI Bank Limited, Larsen & Toubro
Limited, and Cognizant Technology Solutions Limited.

Recent Results

During 2011-12 (provisional), the company posted an operating
income and profit after tax of INR50.81 crore and INR15.70 crore
respectively. In 2010-11, FPHPL recorded a profit after tax of
INR12.98 crore on the back of an operating income of INR55.49
crore.


FORUM RETAIL: ICRA Reaffirms 'BB-' Rating on INR92cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR92.00 crore term loan facilities of Forum Retail Private
Limited.  The outlook on the long term rating is stable. ICRA has
also reaffirmed the '[ICRA]A4' rating assigned to the INR7.07
crore short term non-fund based bank limits of FRPL.

The reaffirmation of the ratings takes into account the
established track record of the Forum group, of which FRPL is a
part, in the real estate development sector in East India and the
acquisition of land for FRPL's upcoming commercial complex
through a joint development agreement with the landowner, which
results in limited upfront capital investment for FRPL.
Additionally, the commitment of the promoters to the project, as
demonstrated by the infusion of the entire equity funding, also
has a positive impact on the ratings. However, the ratings also
factor in the execution and market risks associated with the
upcoming project, given the delays in the construction thus far,
as well as the large unsold inventory remaining at present,
although the favorable location of the project with a few
shopping malls in the area currently mitigates the off-take risks
to some extent. Moreover, the susceptibility of the real estate
sector to economic cycles also exposes the company to market
risks.

FRPL is part of Forum group of companies, a Kolkata based real
estate developer promoted by Mr. S.M. Shroff and Mr. Rahul Saraf.
The company was incorporated in 2007 for the construction of
'Centenary Mall', a shopping mall cum office space complex in
Jamshedpur, Jharkhand. The mall has been conceptualized by the
TATA group as a gift to the city of Jamshedpur on the occasion of
the Group's 100th anniversary. It is being developed in a joint
development agreement (JDA) with the Jamshedpur Utilities &
Services Company Ltd.  JUSCO, a TATA group company, is engaged in
providing comprehensive civic and allied services to the
residents of Jamshedpur and its surrounding areas. The project
would consist of a 3 screen multiplex, shops and office space.


JAI BHARAT: ICRA Reaffirms 'BB' Rating on INR22.5cr Loans
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to INR2.50 crore cash
credit facility of Jai Bharat Steel Industries.  The outlook on
long term rating is stable. ICRA has also reaffirmed '[ICRA]A4'
rating to the INR20.00 crore non fund based letter of credit
facility. ICRA has also assigned '[ICRA]A4' rating to INR0.45
crore of credit exposure facility of JBSI.

                               Amount
   Facilities                 (INR Cr)        Ratings
   ----------                 ---------       -------
   Cash Credit Limit            2.50          [ICRA]BB reaffirmed
   Letter of Credit            20.00          [ICRA]A4 reaffirmed
   Credit Exposure Limit        0.45          [ICRA]A4 assigned

The ratings continue to be constrained by small scale of
operations and weak financial profile as indicated by weak
coverage indicators due to increased interest charges; and high
working capital intensity resulting from procurement of ship in
last quarter of FY 2012. The ratings are also constrained by high
volatility in ship breaking business as the prospects are linked
to international shipping business fundamentals; and
vulnerability of profitability to fluctuating steel prices and
exchange rates. Moreover, the firm being a partnership concern,
any significant withdrawals from the capital account could
adversely affect its capital structure.

The ratings however, continue to draw comfort from the partner's
long experience, established track record in the ship breaking
and steel rolling business, and a favorable outlook for ship
breaking industry in the near-to-medium term.

Jai Bharat Steel Industries, a partnership firm incorporated by
Mr. Ashok Bansal and Mr. Praveen Bansal, is engaged in rolling
mill operations since 1984 and ship breaking activities since
1994. The company operates in Alang Ship breaking yard and has
its rolling mill operations at GIDC Sihor, Bhavnagar.

Recent Results

For the year ended March 31, 2012, company has reported an
operating income of INR18.48 crore with profit after tax (PAT) of
INR0.44 crore. JBSI has reported an operating income of INR23.33
crore with a PAT of INR0.47 crore for the year ended 31st March
2011.


JAYDEEP COTTON: ICRA Reaffirms 'BB+' Rating on INR140cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR120.00
crore1 (enhanced from INR80.00 crore) cash credit facility and
assigned '[ICRA]BB+' rating to the INR20.00 crore stand by line
of credit facility of Jaydeep Cotton Fibres Private Limited. The
outlook on the long term rating is stable. ICRA has also
reaffirmed '[ICRA]A4+' rating to the INR120.00 crore EPC limit
(enhanced from INR80.00 crore), INR30.00 crore bank guarantee
(enhanced from INR1.00 crore), INR30.00 crore of foreign LC
(enhanced from INR7.50 crore) and INR.28.66 crore of credit
exposure limit (enhanced from INR8.00 crore) of JCFPL.

                               Amount
   Facilities                 (INR Cr)       Ratings
   ----------                 ---------      -------
   Cash Credit Limit          120.00         [ICRA]BB+ reaffirmed

   Stand by Line of Credit     20.00         [ICRA]BB+ assigned
   Limit

   EPC/FBD/FBP/PCFC Limits   (120.00)        [ICRA]A4+ reaffirmed

   BG                         (30.00)        [ICRA]A4+ reaffirmed

   Foreign LC Limit           (30.00)        [ICRA]A4+ reaffirmed

   Credit Exposure Limit       28.66         [ICRA]A4+ reaffirmed

The ratings continue to draw comfort from the long experience of
the promoters in the cotton ginning and agro-commodities business
with established track record of the company and recognized brand
presence across the geographies; and healthy growth in operating
income during the last three fiscals. The ratings also positively
consider the advantage the company enjoys by virtue of its
location in cotton producing region giving it easy access to
quality raw cotton and large operating scale of JCFPL combined
with group company Pan Agri Exports, engaged in cotton ginning
business, as compared to other players in the region.

The ratings, however, continue to be constrained by inherently
low value additive nature of the business, large share of trading
operations in the operating income and intense competition
resulting from the fragmented industry structure which keeps the
margins under pressure. The ratings are further constrained by
the weak financial risk profile characterized by low
profitability and weak coverage indicators. The ratings also take
note of the susceptibility in cotton prices due to the
seasonality and crop harvest; and regulatory risk faced by the
company in terms of export restrictions on cotton which can limit
opportunities for the company going forward.

                          About Jaydeep Cotton

Jaydeep Cotton Fibres Pvt Ltd was incorporated in 1997 and is one
of the leading exporters of cotton from India. It is currently
headed by Mr. Chirag Patel along with other seven shareholders
and is well supported by experienced and qualified executives.
JCFPL in engaged in the business of producing cotton and
cottonseeds and is also involved in trading activities of cotton
products and agrocommodities. The production facility of the
company is located in Shapar, Gujarat, and is equipped with 98
ginning machines with an installed capacity to produce 32,670 MT
of cotton per annum. The company belongs to Jaycot group which
has diversified business interests in activities like cement
manufacturing; laminate manufacturing, agricultural equipment
manufacturing and agro commodity trading

Recent Results

For the year ended March 31, 2012, company has reported an
operating income of INR902.04 crore with a profit after tax (PAT)
of INR43.53 crore. Further, the company had reported an operating
income of INR688.84 crore with a profit after tax of INR33.20
crore for the year ended March 31, 2011.


LEXUS MOTORS: ICRA Reaffirms '[ICRA]BB-' Rating on INR30cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR30.00 crore
cash credit facility of Lexus Motors Limited.  The outlook on the
long term rating is stable.

                                  Amount
   Facilities                    (INR Cr)    Ratings
   ----------                    ---------   -------
   Fund Based Limits-Cash Credit   30.00     [ICRA]BB- reaffirmed

The rating reaffirmation factors in the promoters' experience in
the auto dealership business and the established market position
of LML in Kolkata as an authorized dealer of Tata Motors Limited
for commercial vehicles (CV) and passenger cars (PC). The rating
is, however, constrained by LML's weak financial profile
characterized by an aggressive capital structure and depressed
level of coverage indicators. The rating also takes into
consideration the intense competition and inherently low margins
that characterize the auto dealership business and the high
interest rate and fuel prices prevailing in the country, which
may impact business growth in the near term. ICRA also notes that
the company's planned debt funded capital expenditure may further
impact its capital structure and liquidity position going
forward.

LML, incorporated in 1991, is TML's authorized dealer for the
sale of its entire range of commercial vehicles and passenger
cars, as well as for services of passenger cars and sale of
spares in and around Kolkata, West Bengal. LML has five
showrooms, four workshops and six customers connect points spread
across Kolkata. The company also trades in pre owned cars.

Recent Results

The company has reported a net profit of INR0.80 crore
(provisional) on an operating income of INR775.62 crore
(provisional) during 2011-12; as compared to a net profit of
INR1.27 crore on an operating income of INR715.35 crore during
2010-11.


PCM CEMENT: ICRA Assigns '[ICRA]BB+' Rating to INR14.44cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR8.00 crore cash credit and INR10.44 crore term loans of PCM
Cement Concrete Private Limited. ICRA has also assigned a short
term rating of '[ICRA]A4+' to the INR6.00 crore bank guarantee
and INR0.55 crore buyer's credit facilities of PCMCCPL.

                                   Amount
   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Fund Based Limits-Cash Credit    8.00      [ICRA]BB+ assigned

   Fund Based Limits-Working       (4.00)     [ICRA]BB+ assigned
   Capital Demand Loan

   Fund Based Limits-Term Loans    10.44      [ICRA]BB+ assigned

   Non-Fund Based Limits-Bank       6.00      [ICRA]A4+ assigned
   Guarantee

   Non-Fund Based Limits-Letter    (2.00)     [ICRA]A4+ assigned
   of Credit

   Non-Fund Based Limits-SBLC/      0.55      [ICRA]A4+ assigned
   LOU/LG for Buyer's Credit

   Non-Fund Based Limits-SBLC      (6.35)     [ICRA]A4+ assigned
   /LOU/LG for Buyer's Credit

   Non-Fund Based Limits-Capex LC  (4.00)     [ICRA]A4+ assigned

The ratings factor in PCMCCPL's established presence in the
manufacturing of railway track products and the company's
favourable financial profile as characterised by comfortable
gearing and moderate debt coverage indicators. While assigning
the ratings, ICRA has also taken into consideration PCMCCPL's
healthy order book position of more than one and a half times the
sales during financial year 2011-12 (FY12) which provides revenue
visibility over the medium term. The ratings however remain
impacted by the lowest price (L-1) based contract award system
followed by PCMCCPL's customers which keeps the company's margins
under check, notwithstanding the improvements witnessed in the
last two years. In ICRA's opinion, with most of the business
being generated mainly from sales to the Indian Railways (IR),
the company is exposed to high customer concentration. PCMCCPL
also gets exposed to the procedural delays related to the
settlement of bills. The rating also takes into consideration the
company's loss making divisions - flash butt welding and FM radio
stations, which keeps the returns from business at moderate
levels. ICRA also notes the company's exposure to raw-material
price risk, though the same is mitigated to a certain extent due
to the presence of the price variation clauses in most of the
contracts. However, the ability of PCMCCPL to manage its working
capital requirements without significantly stretching its
liquidity position would remain a key rating consideration going
forward.

PCM Cement Concrete Private Limited (PCMCCPL) has been engaged in
the manufacturing of railway track products, flash butt welding
and operating two radio stations. It is part of the PCM Group,
which has a diversified presence in sectors such as railways,
power, manufacturing, real estate, media, tea and steel, among
others. Its manufacturing facility is located at Siliguri in West
Bengal and the two radio stations being operated are at Siliguri
and Gangtok.

Recent Results

The company has reported a net profit after tax (PAT) of INR1.94
crore in FY12 on an operating income (OI) of INR67.43 crore. The
company had earned a PAT of INR1.18 crore on an OI of INR57.46
crore in FY11


SHRI SAKTHI: ICRA Assigns 'BB' Rating to INR19.92cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR2.52
crore1 term loans and INR17.00 crore fund based facilities of
Shri Sakthi Papers India Private Limited. ICRA has also assigned
a short term rating of '[ICRA]A4' to INR2.00 crore fund based
facilities (sub limit) and INR4.03 crore non fund based
facilities of SSPIPL. ICRA has also assigned [ICRA]BB / [ICRA]A4
ratings to the INR0.40 crore proposed facilities of SSPIPL. The
long term rating carries a stable outlook.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                ---------  -------
   Term Loans                  2.52     [ICRA]BB assigned

   Fund Based Facilities       17.00    [ICRA]BB assigned

   Fund Based Facilities       (2.00)   [ICRA]A4 assigned
   (sub limit)

   Non Fund Based Facilities    4.03    [ICRA]A4 assigned

   Proposed Facilities          0.40    [ICRA]BB [ICRA]A4
                                        assigned

ICRA had earlier suspended the [ICRA]BB and [ICRA]A4 ratings
outstanding on bank facilities of SSPIPL in December 2011.

The ratings assigned consider the highly fragmented and
competitive nature of the B-grade paper segment, inherent
cyclicality in the paper industry, the modest scale of the
company's operations, and the inability to pass on increasing
input cost pressures in a highly competitive market. ICRA
nonetheless takes note of the recent upgradation exercise and
power supply tie-up, which are expected to ease input costs and
yield full benefits from 2012-13 onwards. The ratings also factor
in the moderately high financial risk profile, characterized by
high leverage and high working capital intensity, which would be
further stressed on account of commencement of trading activities
of group entities through SSPIPL from 2012-13 onwards. The
ratings, however, favorably factor in the positive demand outlook
for the company's products in the medium term, the healthy plant
capacity utilization efficiency levels achieved, the established
relationships with various customers in southern India and the
significant track record of the promoters in the paper industry.

Shri Sakthi Papers India Private Limited was incorporated in 2004
to manufacture printing and writing paper (PWP) and newsprint,
and began commercial production in 2006. The manufacturing unit
has been set up in Bhavani Sagar, located in the Erode District
of Tamil Nadu. SSPIPL manufactures paper from recycled waste
paper, with around 60-70% of the wastepaper requirement met
through domestic suppliers and the balance imported. The company
mainly manufactures different varieties of PWP in the 40-140
grams per square meter (gsm) range. In addition, around 10-15% of
its annual production is newsprint paper. The installed capacity
of the company's plant is 12,000 metric tonnes per annum (mtpa).
During 2012-13, SSPIPL also took over the paper trading business
from two related group entities. The company is promoted by Mr P
Swaminathan and his family.

Recent Results

As per the provisional accounts for 2011-12, SSPIPL achieved a
net profit of INR0.9 crore on an operating income of INR30.4
crore.


SRI ADITYA: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR32.50 crore1
fund based facilities of Sri Aditya Homes Private Limited to
'[ICRA]B' from '[ICRA]B+'.

                               Amount
   Facilities                 (INR Cr)         Ratings
   ----------                 ---------        -------
   Fund based facilities       32.50           [ICRA]B revised
                                               from [ICRA]B+

The revision in rating factors in delayed execution of Aditya
Hilltop and Aditya Fortview projects with cost escalation owing
to revised scope. The slow realization of receivables from these
projects adversely impacted the liquidity of the company which
resulted in ongoing delays in Aditya Sunshine project which is
further worsened by the poor collections from the project despite
healthy bookings of 74% (157 out of 214). The rating is further
constrained by the high geographical concentration risk since all
projects are based out of Hyderabad which is witnessing a slump
in real estate demand due to uncertainty over the Telangana
issue.

However, the rating continues to draw comfort from the
established track record of the company in the residential real
estate market; significant bookings for the ongoing projects
except Aditya Landmark for which sales are yet to be launched and
company's huge land bank of 1.12 million sq. ft. (124,487 sq
yards) at prime locations in Hyderabad.

Sri Aditya Homes Private Limited was incorporated in the year
1994 and was promoted by Mr. Kota Reddy. The company since
inception has completed 32 projects in housing and commercial
segments with a total built up area of 1.21 million sq ft in
Hyderabad. 26 out of the 32 projects amounting to 1.02 million
sft (84.6% of total development) were in residential segment and
6 amounting to 0.18 million sft (15.4% of total development) in
commercial segment. Most of the past projects were located in
prime locations of Hyderabad.

During FY 12, the company successfully completed Aditya Fortview
and Aditya Hilltop projects albeit with a delay. SAHPL has
currently two projects under execution in residential segment
with a total constructed area of 1.05 million sq. ft under joint
development agreement of which 0.57 million sq ft. is SAHPL's
share. The largest residential project under execution is Aditya
Sunshine in Kondapur, Hyderabad with a built up area of 0.82
million sft and a cost of INR105.49 crores and is estimated to be
completed by Dec.12.


TUSHA TEXTILES: ICRA Reaffirms 'BB' Rating on INR12cr Loans
-----------------------------------------------------------
The long term rating assigned to the INR1.45 crore (PY: INR1.95
crore) term loans and INR9.50 crore (PY: INR10.05 crore) fund
based limits of Tusha Textiles (Mumbai) Private Limited has been
reaffirmed at [ICRA]BB.

                                  Amount
   Facilities                   (INR Cr)      Ratings
   ----------                   ---------     -------
   Term Loans                    1.95         [ICRA]BB reaffirmed

   Long Term Fund Based Limits  10.05         [ICRA]BB reaffirmed

   Long Term Non Fund Based      2.00         [ICRA]BB assigned
   Limits

A long term rating of '[ICRA]BB' has also been assigned to the
INR2.00 crore non fund based bank facilities of the company. The
outlook on the long term rating is Stable.

The reaffirmation of the rating takes into consideration the
experience of the promoters in the textile industry; the
nominated supplier status of the company for leading retail
chains in the export markets and the favorable location of the
company's weaving facility in Tarapur which provides access to
Teflon processing units and lower conversion costs. The rating
also factors in positively the steady growth in the operating
income of the company supported by an evolving product profile;
entry into new markets and higher off-take from the existing
customers; and the export incentives and subsidies extended by
the Government to support the growth of the textile industry. The
assigned rating, however, continues to be constrained on account
of the weak profitability indicators inherent to the textile
industry; the stretched capital structure on account of high
working capital borrowings and small equity base and weak debt
protection metrics. The rating is further constrained by the
vulnerability of the operating margins to adverse movements in
raw material prices, albeit a cost plus pricing model mitigates
the risk partially. ICRA further notes that the scale of
operations of TTMPL continue to remain modest which restrict its
pricing power in a fragmented industry marked by high competition
amongst a few domestic players (in the school uniform fabric
segment) and the same constrain the rating further.

Tusha Textiles (Mumbai) Private Limited was incorporated in the
year 2002 and is engaged in the business of trading, weaving and
exporting of synthetic blended fabrics and Teflon coated fabrics
which find their end use in the manufacturing of school uniforms
and suiting and shirting for men and women.. The company's
products in the Poly Viscose, Poly Wool, Lycra and Gingham
varieties are exported to United Kingdom, South Africa,
Bangladesh, Sri Lanka, Vietnam and China.

TTMPL has its corporate office in Mumbai and a weaving unit
located at Tarapur (Mumbai), Maharashtra, which became
operational in August 2010. The unit has 13 weaving machines with
an installed capacity of 1.5 lakh meters per month.

Recent Results

As per audited results for FY 2012, the company reported a Profit
after Tax (PAT) of INR0.54 crore on an Operating Income (OI) of
INR50.07 crore as against a PAT of INR0.42 crore on an OI of
INR42.02 crore in FY 2011.


VANITA AGROCHEM: ICRA Assigns 'BB' Rating to INR13.61cr Loans
-------------------------------------------------------------
ICRA has assigned the '[ICRA]BB' to the INR3.61 crore term loan
facilities and INR10.00 crore cash credit facilities of Vanita
Agrochem (India) Private Limited.  The outlook on the long-term
rating is stable. ICRA has also assigned the '[ICRA]A4' rating to
the INR0.03 crore non-fund based facilities of VAPL.

                               Amount
   Facilities                 (INR Cr)        Ratings
   ----------                 ---------       -------
   Long term, fund based       3.61           [ICRA]BB Assigned
   limits -Term Loans

   Long term, fund based      10.00           [ICRA]BB Assigned
   limits - Cash credit

   Short term, non-fund        0.03           [ICRA]A4 Assigned
   based limits

The assigned ratings take into consideration the long standing
experience of the promoters in the industry, favorable demand
prospects for specialty fertilizers with the increased adoption
of drip irrigation techniques by the farmers and the wide product
portfolio coupled with strong distribution network of the
company. The assigned ratings, however, remain constrained by
moderation in operating margins over the years with limited
ability to pass on raw material price increases and small scale
of operations. The growth and profitability remains susceptible
to the agro climatic conditions, high competitive intensity and
foreign exchange fluctuations given the company's requirement of
imported chemicals.

Incorporated in the year 2003 Vanita Agrochem (India) Private
Limited is primarily engaged in manufacture of Agro inputs (Water
soluble fertilisers and micro nutrients). The promoter initially
carried out trading of textile chemicals in 1995 and later of
chemicals required for jaggery production and water treatment
chemicals as a consignment stockist for Nalco chemicals USA. The
company provides a wide range of branded agro inputs in the form
of Water Soluble fertilisers, Micro Nutrients and Plant Growth
Regulators. It has a manufacturing at Ichalkaranji.

Recent Results

The company registered an operating income of INR58.6 crore and a
PAT of INR2.2 crore for the year ending March 31, 2012
(Provisional).



=================
I N D O N E S I A
=================


PERUSAHAAN LISTRIK: S&P Rates Proposed Senior Unsecured Notes BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to a proposed issue of senior unsecured notes by PT Perusahaan
Listrik Negara (PLN; BB/Stable/--). "The company will issue the
notes under its US$2 billion global medium-term notes program,
which we also rate 'BB'. The ratings on the proposed notes and
the program reflect the long-term corporate credit rating on
PLN," S&P said.

"The rating on PLN factors in the company's high adjusted debt,
an inefficient--albeit improving--fuel mix, and an uncertain
tariff environment. The company is also exposed to high foreign
currency risks. Its revenues are in Indonesian rupiah while
operating costs, including fuel purchases, are denominated
predominantly in U.S. dollars," S&P said.

"Our assessment that there is an 'extremely high likelihood' that
the government of Indonesia (BB+/Positive/B; axBBB+/axA-2) will
provide timely and sufficient extraordinary support to PLN in the
event of financial distress supports the rating. We assess PLN's
stand-alone credit profile as 'b+', based on its 'aggressive'
financial risk profile and "fair" business risk profile, as our
criteria define these terms. The company's dominant integrated
position in the Indonesian power sector and the favorable demand
outlook for electricity in the country are additional credit
strengths," S&P said.

"We expect PLN's financial risk profile to remain aggressive over
the next two to three years due to the company's significant and
largely debt-funded capacity expansion under two fast-track
programs. Higher debt will mitigate the likelihood that PLN's
ability to generate cash flow will improve because of increasing
generation capacity over time. We project PLN's ratio of debt to
EBITDA to be at or less than 6.5x in 2012, lower than the average
of 7.1x in 2007-2011," S&P said.

"The stable outlook on the PLN rating reflects our expectation
that the likelihood of government support for the company will
remain 'extremely high' over the next couple of years. We may
lower the rating if, among other things, we perceive a lower
likelihood of government support or a weakening in existing
support measures. We may also lower the rating if we lower the
sovereign credit ratings on Indonesia by a notch or PLN's stand-
alone credit profile deteriorates by more than two notches. We
believe the likelihood of an upgrade is limited over the next 12
months," S&P said.



=========
J A P A N
=========


COVALENT MATERIALS: JCR Withdraws "LD" and "D" Rating on Bonds
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. withdraws the following credit
rating at the request of the issuer.

(1) At a meeting of Covalent Materials Corporation's bondholders
     on Oct. 5, 2012, an agreement was made and a resolution was
     passed for an amendment to the terms and conditions of the
     Company's 1st series unsecured corporate bonds and the offer
     to purchase these bonds at a discount price, prompting JCR
     to change the long-term issuer rating on the Company to
     "LD" and the rating on the bonds in question to "D."

(2) The Company announced October 15, that the resolution had
     been approved by the Tokyo District Court on October 12.
     As the resolution became effective on that day upon the
     approval, JCR withdraws the rating on the bonds in question.
     At the same time, the long-term issuer rating is withdrawn
     at the request of the issuer.

Rating

Issuer: Covalent Materials Corporation



Long-term Issuer Rating: LD

  Issue          Amount   Issue Date   Due Date   Coupon  Rating
  -----          ------   ----------   --------   ------  ------
  bonds no.1)    JPY55bn  02/18/2008   02/18/2013  2.87%    D

(Note) The above terms and conditions are those as of the rating
       assignment before the amendment.



====================
N E W  Z E A L A N D
====================


AORANGI SECURITIES: Jean Hubbard Case Adjourned to May Next Year
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a court
wrangle involving NZ$60 million of assets and one of the funds
caught up in the Hubbard financial collapse has been adjourned
until May next year.

A case in the Timaru High Court to determine a claim from
Jean Hubbard -- the widow of businessman Allan Hubbard -- over
NZ$60 million of assets from Aorangi Securities was originally
due to begin on October 29.

According to the report, Aorangi Securities' statutory manager
said the court fixture will "consider Mrs. Hubbard's claim that
NZ$60 million of the NZ$96 million of Aorangi assets were never
transferred to Aorangi's ownership and are therefore hers
personally and for her late husband's estate".

The Herald recalls that the statutory manager said earlier this
month the claim could have a "severe impact on returns to
[Aorangi] investors", who to date have got back NZ$14.5 million,
or 15c in the dollar.

The managers said in June that if the NZ$60 million of assets
were to be available to Aorangi investors then returns would be
close to 100c in the dollar, the Herald adds.

                      About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


CRAFAR FARM: Court Rejects Maori Trusts Sale Appeal Bid
-------------------------------------------------------
Andrea Fox at stuff.co.nz reports that Chinese company Shanghai
Pengxin hopes to settle its purchase of the 16 North Island
Crafar farms before early December, after the Supreme Court threw
out the last obstacle to the deal, an appeal by Maori trusts.

Pengxin, preferred bidder of KordaMentha, receivers for the dairy
farming estate, has had to wait through 18 months of legal
challenges and protests against the purchase, which ended
yesterday, October 17, when the court refused to allow a further
legal appeal by central North Island iwi.

According to the report, Tiroa E and Te Hape B Trusts, which have
been negotiating unsuccessfully to buy two of the Crafar farms at
Benneydale, considered ancestral land, had asked the Supreme
Court for leave to appeal Pengxin's purchase consents by the
Overseas Investment Office and the Government, upheld by the High
Court and Court of Appeal.

stuff.co.nz reports Landcorp, which is to manage the farms for
the Chinese as a condition of Government purchase consent, said
it expected to take over the running all the farms early in
December.

The purchase will be in the name of Milk New Zealand Holding, a
subsidiary of Pengxin. The farms will be managed under a 50:50
joint venture between Milk New Zealand Farm Management and
Landcorp, the report discloses.

stuff.co.nz relates that Pengxin spokesman Cedric Allan said
final steps would now be taken to form the joint venture company
and appoint directors and a chairman.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.


HANOVER FINANCE: AIG Blames Apex Over Broker Policy Case
--------------------------------------------------------
David Williams at NBR Online reports that AIG is blaming an
insurance broker's misinterpretation for Hanover Finance's
"misconceived" court case.

NBR notes Hanover Group has taken High Court action against AIG,
known as Chartis Insurance New Zealand, over its $20 million
policy for directors and officers (D&O).

According to NBR, Hanover claims it was misled by AIG into
thinking it had full prospectus liability cover, which is crucial
for the directors of three Hanover finance companies -- Hanover
Finance, United Finance and Hanover Capital -- now facing civil
claims from the Financial Markets Authority.

However, AIG lawyer Andrea Challis told the High Court Wednesday
Hanover should be suing its broker, Apex Insurance Brokers, not
AIG.  Its case is "misconcieved", she said.

NBR relates that in October 2007, Ms. Challis said AIG offered to
include the latest Hanover Finance prospectus as an exception to
a NZ$400 million upper limit exclusion for prospectus capital
raisings.

"Unfortunately, Hanover finds itself in the position it is in as
a result of its broker and agent misinterpreting AIG's 25 October
email," Ms. Challis's submissions said.  "It was not AIG who
misrepresented anything to Apex or Hanover. In this instance,
Hanover's remedy is against the broker, not AIG."

Ms. Challis said there was no common intention between AIG and
Hanover to provide unlimited prospectus cover in the 2007-08
year, NBR relays.

"Two commercially sophisticated parties were involved in arms-
length negotiations which addressed the question of the extent of
prospectus liability cover and cover generally," NBR quotes Ms.
Challis as saying.  "In the circumstances, it is difficult to see
where or how any deception by AIG arises."

AIG plans to call four witnesses: Vince Barker, the underwriter
at the time; Mr Barker's assistant, George Springhall;
underwriter Ella Langdon; and Judith Schwarz, an expert
underwriter/broker.

About 36,500 investors were affected when Hanover Finance froze
NZ$550 million of assets in July 2008.

                      About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


HIREQUIP: Hirepool Seeks OK to Buy Firm Out of Receivership
-----------------------------------------------------------
Paul McBeth at the National Business Review reports that
equipment rental company Hirepool has sought clearance by the
anti-trust regulator to buy rival Hirequip out of receivership in
a bid to get greater exposure to the heavy construction sector as
the Christchurch rebuild starts hitting its stride.

Hirepool, which is 75% owned by Australian private equity firm
Next Capital, has requested the Commerce Commission clear its
acquisition, saying the merger will not substantially cut
competition as they largely operate in different areas, according
to National Business Review.

The report relates that a sale and purchase price agreement has
yet to be negotiated, though Hirepool's takeover would have to
satisfy Hirequip's secured creditor Westpac Banking Corp, which
is owed $117.8 million.  Hirequip's unsecured creditors are also
owed $76.9 million, according to the first receiver's report, the
report notes.

National Business Review says that the company indicated it was
willing to go beyond merely paying the purchase price, according
to the public version of its application, which had sections
blacked out.

The report discloses that Hirequip's parent shareholding
companies Pacific Equipment Solutions, PES Finance and Hire
Equipment Group are the entities placed in receivership in July,
and came just a month after boss Rob Nichols was quoted as saying
the company could seek a listing on the NZX as earnings
recovered, the report says.


PEGASUS TOWN: Receiver Mulls Options to Recoup NZ$142.8 Million
---------------------------------------------------------------
BusinessDesk reports that the receiver for the Pegasus Town
development in Canterbury is still weighing up the best way to
recoup more than NZ$142.8 million owed to its lenders.

According to BusinessDesk, receivers David Ruscoe and Richard
Simpson of Grant Thornton said in their first report that they
"are assessing how best to realise the company's assets to
achieve the best outcome for our appointor and the company as a
whole."

The company's assets are made up of developed and undeveloped
land, including the Pegasus Gold and Sports Club, says
BusinessDesk.

BusinessDesk notes Messrs. Ruscoe and Simpson withheld the book
and realisable value of the property assets to protect their
ability to get the best price for NZ Property Finance Partners,
which is owed NZ$142.8 million and called in the receivers in
August.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2012, Fairfax NZ News said Pegasus Town Ltd was placed
in receivership. Simon Thorne has been appointed as receiver.
Owner Bob Mr. Robertson said that difficulty refinancing a loan
was behind the Pegasus trouble but there was no "contagion
effect" for other projects, according to Fairfax NZ News.
The receivership action was taken by New Zealand Property Finance
Partners, an investment consortium owned by Australia's
Brookfield group and investment banker Goldman Sachs.  The
consortium bought a loan over Pegasus Town from the Bank of
Scotland last year, Fairfax NZ News related.  Pegasus agreed to
buy back the loan from Brookfield and Goldman Sachs, but could
not get the finance, Fairfax NZ News disclosed.

According to BusinessDesk, the Pegasus Town development was the
brainchild of Infinity Investment Group's Bob Robertson to build
a township within driving distance of Christchurch for 7,000
residents.  BOSI came on board in 2005, providing a funding line
of NZ$107 million for the first development stage and a further
NZ$151 million for the second stage.

BusinessDesk relates that the receivers are continuing
development work that began before their appointment and are
assessing subdivision opportunities. They are also operating the
golf and sports club.

BusinessDesk adds the receivers said they are not able to
estimate the likelihood of any distribution to unsecured
creditors owed some NZ$3 million or NZ$11.4 million in related
party claims.

Pegasus Town Ltd is a company owned by the developers behind a
multimillion-dollar bid to build a monorail in Fiordland. The
company is behind partly built Pegasus town subdivision north of
Christchurch, run by Wanaka-based Bob Robertson and John Beattie.



=================
S I N G A P O R E
=================


FIRST SHIP: Fitch Says Restructuring Deal Won't Affect Rating
-------------------------------------------------------------
Fitch Ratings says Singapore-based First Ship Lease Trust's
rating is not affected by a restructuring agreement of one of its
lessees, Denmark-based TORM A/S, with its banks and tonnage
providers (including FSLT).  FSLT is rated Long-Term Issuer
Default 'B' with Negative Outlook.

Under the agreement TORM will defer a substantial portion of its
bank debt and also avail new liquidity and savings from its
restructured time charter book.  This restructuring would result
in FSLT receiving lower lease rentals from TORM A/S and also a
share of the 17.3% equity stake in TORM's enlarged share capital
held by tonnage providers who have agreed to permanently amend
their charter contracts.

Despite the lower lease rentals Fitch estimates that in the
absence of further defaults or restructuring by TORM, FSLT's
projected operating cash flows and USD30.8m cash balance
outstanding as of 30 June 2012 would be adequate to meet its
operating expenses and USD44m annual debt servicing commitments.

Nevertheless, given the negative outlook for the global shipping
industry, Fitch will closely monitor FSLT's portfolio quality and
its impact on the issuer's credit profile.



===========
T A I W A N
===========


WATERLAND FINANCIAL: Fitch Affirms 'B+' Support Rating Floor
------------------------------------------------------------
Fitch Ratings has upgraded Taiwan-based Waterland Financial
Holdings and its subsidiary, Waterland Securities Corporation.
The agency has also affirmed another subsidiary, International
Bills Finance Corporation (IBF).

At the same time, Fitch has withdrawn the Support Rating and
Support Rating Floor of WFH as they are no longer considered by
Fitch to be relevant to the agency's rating coverage.

The upgrade of WFH's and WSC's ratings follows Fitch's re-
assessment of WFH's credit profile, the group's structure and
WSC's role within the group.  Under the agency's new criteria
'Rating FI Subsidiaries and Holding Companies', WFH's and WSC's
ratings are equalised with those of IBF - the group's principal
operating subsidiary.  The group's IDRs are mainly driven by the
financial strength IBF which accounted for 88% of the group's
consolidated assets at end-H112.

WFH's IDRs and Viability Rating reflect the group's consolidated
credit profile, and, on a standalone basis, its low leverage and
adequate liquidity.  IBF's IDRs and Viability Rating reflect its
position as the second-largest bill finance company by net worth
in Taiwan, comprehensive risk management, sound capitalisation
and well-managed liquidity.  The ratings are constrained by
limited business scope, susceptibility to interest rate changes
relative to banks and heavy reliance on wholesale funding -
issues common to bills finance companies.

WSC's ratings reflect obligatory support from WFH given its
status as a core subsidiary of the holding parent.  On a
standalone basis, WSC has a stable but moderate market position
as well as adequate capitalisation and liquidity.

Positive rating action on IBF and the group may result from a
significant and sustained improvement in market position and
business scope, though Fitch views this as a remote prospect in
the near term.  Negative rating action may result from
deterioration in capitalisation and asset quality, possibly from
aggressive risk-taking in pursuit of growth or leveraged
acquisitions.

Fitch expects IBF's core earnings to remain modest in 2012-13 as
persistent low interest rates continue to put pressure on spread
revenues and trading gains.  In H112, IBF reported an annualised
return on average assets of 1.2%, which partly benefited from
one-off investment disposal gain.  WSC's earnings performance is
likely to remain volatile, largely due to the inherent volatility
of trading and modest brokerage revenues in a challenging market
environment.  Nonetheless, management's continued efforts in cost
saving and trading risk control should gradually help improve
WSC's earnings stability.

WFH's sum-of-parts capital ratio was 169.2% at end-H112,
indicating 69% or TWD8.8bn above the minimum regulatory capital
for its operating subsidiaries.  IBF's capital adequacy ratio
(CAR) and Fitch Core Capital (FCC) ratio declined to 13.7% and
17.%, respectively, at end-H112 (end-2011: 14.7% and 18.2%) due
to growth of guarantee balance.  However, the capital buffer is
considered adequate with CAR well above the regulatory minimum of
8%.

Cash dividend inflow from subsidiaries comfortably covers WFH's
standalone operating expenses and interest payments.  IBF's
liquidity is well-managed.  IBF's high-quality fixed income
securities holdings and the contingent funding facility provided
by Bank of Taiwan ('AAA(twn)'/Stable) partly mitigate risks
stemming from its reliance on wholesale funding.  WSC maintains a
liquid balance sheet.

Established in 2002, WFH is the only group with a principal
operating subsidiary in bills finance. IBF is a wholly owned
subsidiary of WFH and had a 21% of market share of guarantee at
end-H112 in Taiwan.  WSC has a 2.15% market share of equity
brokerage in Taiwan at end-H112.

The rating actions are as follows:

WFH

  -- Long-Term IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- National Long-Term Rating upgraded to 'A+(twn)' from
     'A(twn)'; Outlook Stable
  -- National Short-Term Rating affirmed at 'F1(twn)'
  -- Viability Rating upgraded to 'bbb' from 'bbb-'
  -- Support Rating affirmed at '5', withdrawn
  -- Support Rating Floor affirmed at 'No Floor', withdrawn

IBF

  -- Long-Term IDR affirmed at 'BBB'; Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- National Long-Term Rating affirmed at 'A+(twn)'; Outlook
     Stable
  -- National Short-Term Rating affirmed at 'F1(twn)'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B+'

WSC

  -- Long-Term IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- National Long-Term Rating upgraded to 'A+(twn)' from
     'A(twn)'; Outlook Stable
  -- National Short-Term Rating affirmed at 'F1(twn)'



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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